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Trade Recommendation: Bitcoin

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The price came back above the support zone. We can consider that the market could not break this zone and stay below. We should be ready to see a new wave of upward movement. RSI confirms price reversal and MACD shows that the market is going to move upward. DMI allows opening long trades. It gives us buy opportunity. Entry level should be at 6400.00 with stop orders at 5560.00 level. Profit targets are based on round numbers such as 7000.00 and 7500.00 levels. The part of trade volume can be left for long run. Using stop orders is strongly recommended. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: BTCUSD
Buy: 6400.00
Stop: 5560.00
Profit Targets: 7000.00 and 7500.00

The trading signal is based on Poloniex chart.

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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3.2 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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Bitcoin

Bitcoin Price Gains Momentum as BlackRock Gets Serious About Crypto

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After a week of lateral moves, the bitcoin price rose Monday on reports that one of Wall Street’s biggest asset managers was assembling a team to explore cryptocurrency adoption.

Bitcoin Price Update

The largest cryptocurrency by market capitalization peaked near $6,620 at 08:49 UTC, the highest in six days. At the time of writing, bitcoin was trading near the intraday high of $6,620 for a gain of 4%, according to CoinMarketCap.

Bitcoin held relatively steady over the weekend, with prices hovering between $6,300 and $6,400. The coin’s successful defense of $6,000 – a key technical and psychological threshold – has encouraged bids after trading volumes plunged to their lowest levels of the year.

As Hacked reported Sunday, turnover in the cryptocurrency market fell to $8.8 billion over the weekend. Bitcoin accounted for roughly a third of that total. On Monday, bitcoin’s trading volumes were back up to around $4.9 billion, the highest in two weeks.

Bitcoin is likely to run into resistance north of $6,800 – a region that capped last weekend’s rally. BTC/USD peaked at $6,866 on July 8.

Institutional Bull Run?

Bitcoin’s gains were fueled by speculation that BlackRock, one of the world’s largest asset managers, is planning an entry into the cryptocurrency market.

London’s Financial News, citing unnamed sources, said BlackRock has assembled a working group to investigate blockchain technology and cryptocurrencies. Sources also indicated that the team of exports is looking at what other asset managers are doing with cryptocurrencies and how it can impact BlackRock’s underlying business. The findings of the research will be presented to senior management.

“Like most financial institutions, BlackRock has a working group that meets periodically to exchange information on blockchain and consists of employees from various parts of the business,” a spokesperson for the company said in a statement, according to CNBC.

“We have been looking at blockchain technology for several years, recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.”

CNBC believes the working group was first assembled in 2015.

While cryptocurrencies continue to polarize Wall Street, major financial institutions are slowly changing their tack. It was only last year that BlackRock CEO Larry Fink said that bitcoin was merely a “speculative” instrument used for anonymity and money laundering. Now, his company may be on the cusp of entering the market.

Exchanges like Coinbase are betting big on institutional adoption and have created a suite of custodial services aimed at luring this segment of the market. Industry experts believe that the next major bull market for cryptocurrencies will be driven mainly by institutions, marking a significant departure from the retail-dominated surge of 2017.

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 497 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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Cryptocurrencies

Digibyte Price Jumps 18% Following CNBC Coverage

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As the markets started to turn this morning a few coins quickly raced out in front. Within the top-10 EOS was the strongest grower with over 9% growth in the last couple of hours.

But of all the coins in the top-40, Digibyte stands out as the strongest performer in a morning of strong performers.

Yesterday evening (UTC) one DGB coin was worth $0.0338, and by the time of writing that price now stands at $0.0401. That marks 18% growth and gives DGB the title of 5th strongest performer out of the top-100 this morning.

Digibyte’s weekly high of $0.0458 is still some way off, but depending on the strength of today’s market recovery DGB could perhaps clear its weekly high before the week is over.

Close to 95% of DGB’s daily volume has come against BTC, with ETH trades making up only a fraction of the 24 hour total.

Digibyte Gets CNBC Coverage

Last Friday, the 13th of June, turned out to be quite a lucky day for Digibyte as it got a taste of what all coins crave at this early stage of the crypto boom – mainstream media coverage.

Digibyte’s founder, Jared Tate, joined CNBC’s ‘Cryptoman’ Ran Neu-Ner to talk about a range of crypto and blockchain related issues, while also filling viewers in on the potential of his own project.

The Digibyte community is one of the most active on Twitter, and was recently buoyed by the rollout of the Digibyte Awareness Team which aims to spread word of DGB’s features potential. The Twitter community had been requesting that Neu-Ner interview Jared Tate for a while, and they finally got their wish, as Neu-Ner said:

“Dear @DigiByteCoin community. You asked me for a year and here it is, my gift to you, my interview on CNBC with @jaredctate.”

DGB Listed on Cryptopia

Digibyte was recently listed on the token exchange Cryptopia, and while the bulk of the daily trades are still coming from Bittrex, Poloniex and Upbit, the Cryptopia trading pairs are slowly starting to heat up. Right now only around 2% of DGB’s daily volume is coming from Cryptopia, but today’s surge might see that change very soon.

The Cryptopia team took to Twitter on July 12th with an announcement that the DGB/USDT trading pair was now functioning and ready to trade:

“Hi Cryptopians! We are happy to announce the opening of the DGB/USDT trade pair as of 10pm UTC. You can start trading with this pair from now. Happy trading!”

At the moment no DGB/USDT trades have taken place, according to CMC, and Tether trades make up less than 1% of the total volume across various exchanges.

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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4.4 stars on average, based on 22 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

Cryptocurrency Market Rebounds as Trade Volumes Recover from Yearly Low

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Cryptocurrency prices were seeing green Sunday, as market activity rebounded from the lowest level of the year with bitcoin and the major altcoins making tepid progress.

Crypto Market Update

Every cryptocurrency in the top-20 by market capitalization was trading in positive territory Sunday. As a result, the total market capitalization of all digital currencies rose by $6 billion to $254.5 billion. Bitcoin’s share of the pie remains roughly 43%.

The bitcoin price edged up 1.7% to $6,363, with the bulls continuing to defend the critical $6,000 level despite repeated downturns.

Ethereum, the no. 2 cryptocurrency by market cap, rose 2.4% to $447.

Bitcoin cash jumped 3% to $719. BCH has shown poise over the past five days even as accusations of node centralization continue to grow.

Ripple XRP rose 1.9% to $0.445. Meanwhile, EOS gained 2.4% to $7.13.

Volumes Hit 2018 Lows

Daily turnover in the cryptocurrency market bottomed fell to around $8.8 billion on Saturday, the lowest since November, according to CoinMarketCap data. Daily trade volumes rose by as much as 20% Sunday, reaching $10.5 billion. At the time of writing, 24-hour volumes were valued just under $9.9 billion.

Since the April downturn, trading volumes have thwarted multiple rally attempts for cryptocurrency prices. Daily turnover has crossed the $20 billion mark only once since June.

As Hacked previously reported, tepid volumes reflect a general decline in retail trading activity on major digital currency exchanges. This is further corroborated by the sharp drop in Google search results for terms like “bitcoin” and “cryptocurrency.” Basically, the half-year market downturn has spooked new traders from entering the market.

Amid the downturn, exchanges like Coinbase have reported a drop-off in app downloads as fewer traders show interest in buying cryptocurrency. Meanwhile, trading apps like Robinhood are still growing thanks to a suite of service offerings that extend far beyond cryptocurrency. Robinhood began offering cryptocurrency back in February but still maintains a thriving platform for traditional markets, such as stocks and ETFs.

Several leading exchanges have announced plans to relocate to jurisdictions with friendlier policies toward cryptocurrency. Malta, a tiny Mediterranean island state, has managed to lure Binance and OKEx to its shores thanks to favorable regulations.

As Hacked’s James Waggoner recently showed, much of the downturn in crypto trading activity has been associated with fears of a regulatory clampdown in jurisdictions like the United States and South Korea. In the case of China, those fears were realized last September when policymakers issued a blanket ban on cryptocurrencies and initial coin offerings.

However, a “tectonic shift” in regulatory thinking is currently underway, which could pave the way for a renewed uptrend in cryptocurrency markets. Case in point: the U.S. Securities and Exchange Commission (SEC) has declared bitcoin and Ethereum to be non-securities. So long as there is no conveyance of ownership, ICOs may also fall under this favorable regulatory purview.

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 497 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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