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Trade Recommendation: Bitcoin

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The price bounces from the support zone formed by SMA100 and support levels. RSI confirms price reversal in the oversold zone. MACD histogram supports upward movement. DMI allows opening long trades. We have a new buy opportunity. Pending orders can be placed above the high of the signal candle at 17650.00 level. Stop orders must be at 15400.00 level. Profit targets are 20000.00 and 21000.00 levels. The part of trade volume can be left for long run. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Market: BTCUSDT
Buy: 17650.00
Stop: 15400.00
Profit Targets: 20000.00 and 21000.00

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The trading signal is based on Poloniex chart.
Disclaimer: The analyst are some invested in Bitcoin.

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 Comments

3 Comments

  1. ridge195

    December 20, 2017 at 4:02 pm

    Are you thinking that when bitcoin cash trading reopens on gdax the money will go back into btc?

  2. MinerMatt17

    December 20, 2017 at 4:36 pm

    I think they need to get their stories straight. Sell, buy, sell, buy, ever other article tells us a different story on bitcoin here.

    • ridge195

      December 20, 2017 at 5:40 pm

      Im really shocked they would recommend buying bitcoin today. Wondering if the bitcoin cash situation is even being taken into consideration on this recommendation.

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Altcoins

NEO Shows Poise While Other Cryptocurrencies Struggle

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NEO has quietly emerged as one of 2018’s best performing cryptocurrencies, defying multiple market selloffs en route to new highs. The so-called Ethereum of China has also carved out a name for itself in the fast-growing ICO market, where it is now among a small handful of blockchains enabling startups to raise capital through the popular crowdfunding model.

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New Record Highs

NEO was the only major cryptocurrency to spike this weekend, even as bitcoin and Ethereum suffered declines. The coin pushed higher on Monday, hitting a new record of $205.46. It would later consolidate around $190 for a gain of 17%.

The latest rally gives NEO a market cap of $11.8 billion, putting it eighth among active cryptocurrencies. Trade volumes over the last 24 hours reached $1.5 billion with 65 million tokens in circulation. The majority of the turnover occurred on just two exchanges: Upbit and Binance.

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With the gain, NEO’s value has appreciated around 120% year-to-date. That’s nearly double the price growth of Ethereum, a comparable platform that recently took back the second seed on the crypto market cap leader board.

Ethereum of China

NEO’s trajectory over the last six months has mirrored Ethereum’s both in terms of value and project development. Its success is partly owed to ether, as both cryptocurrencies are based on smart contracts. NEO differs from Ethereum on several fronts, including the execution of C# code, which makes it more attractive for developers.

Beyond the hype, NEO provides developers with the toolbox to advance the smart economy by digitizing assets and automating the management of those assets through smart contracts. It is perhaps the only cryptocurrency that can succeed in a heavily regulated China, which only recently tightened the noose on cryptocurrency miners as part of its broad offensive against digital assets.

With the exception of Stellar Lumens, NEO is perhaps the only cryptocurrency not named Ethereum that is making inroads into the ICO market. Dozens of token raises have launched on the NEO platform, including 27 in the span of two days. Although China has banned ICOs, there’s a possibility that regulators may one day introduce a centralized model that will allow the government to oversee the entire process.

According to at least one metric, ICOs raised more than $6 billion last year, with December being the most successful month yet with more than $1.6 billion raised.

While this is merely speculation at this point, the Chinese ban on cryptocurrency was initiated just before the 19th National Congress of the National Party. The event, held every five years, is usually a showdown between communists die-hards who want to maintain the old system of central planning and those who are seeking more liberal reforms.

Regardless of China’s regulatory future, NEO appears poised to capitalize on any opportunity involving public blockchain. The company certainly has that ambition, and has shown no issue following national guidelines.

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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Altcoins

Ripple Crashes to 2018 Lows Amid Lingering Doubts Over South Korean Regulation

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Ripple took the plunge on Monday, falling to its lowest level in nearly three weeks as investors continued to ponder South Korea’s regulatory shakeup of the cryptocurrency market.

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XRP/USD Price Levels

Ripple’s native XRP token touched a session low of $1.47 on Monday, which represented a decline of more than 16%. The coin’s price was last seen hovering at $1.58 for a loss of 10%.

XRP briefly traded at its lowest level since Dec. 29. The token is currently testing the Jan. 11 low of around $1.57.

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At present values, Ripple is capitalized at $62 billion, according to CoinMarketCap. That’s roughly half of Ethereum, the world’s no. 2 digital currency system. Ripple had briefly claimed the second spot in the crypto charts before a brisk selloff knocked it from record highs.

Ripple ran into volatility last week after CoinMarketCap removed several South Korean exchanges from its listing due to “extreme divergences in prices from the rest of the world.” The action prompted a multi-billion-dollar selloff of XRP, which is traded heavily on the Korean peninsula.

Why is Ripple Plunging?

It has been a roller coaster two months for Ripple. The cryptocurrency has managed to distance itself from other altcoins thanks to growing institutional support from major banks, credit cards and clearing houses. News of major partnerships sent XRP north of $3.30 after New Year’s day. The gains were quickly followed by profit-taking that was followed by a sharp correction in the cryptocurrency market.

The latest drop is largely attributed to fears over pending South Korean regulations governing cryptocurrency. Hacked reported earlier that central authorities were looking to shut down anonymous trading on domestic exchanges, not ban cryptocurrencies entirely.

The initial shockwave was triggered by Justice Minister Park Sang-ki, who announced Thursday that his department was proposing a bill to regulate the crypto market. The Korean government later said it was considering a response to what it believes to be excessive speculation, but had not reached a decision.

Like other cryptocurrencies, Ripple’s record-breaking gains have been largely driven by South Korean trade desks. Of the nearly $2 billion in XRP tokens transacted Monday, roughly 55% were traded using the won, according to CoinMarketCap. Bithumb continues to be the biggest platform for XRP trades, followed by Upbit and HitBTC. Bithumb and Upbit are both based in South Korea.

It hasn’t been entirely negative for Ripple. The company recently announced a partnership with MoneyGram that will provide the remittance firm with instant liquidity. The partnership appears to be a pilot program, with MoneyGram testing XRP payment flows via xRapid, the cryptocurrency’s blockchain solution for real-time liquidity.

XRP has the ability to settle transactions within seconds, thereby enabling faster cross-border flows. Its potential is currently being explored across Asia’s financial district, giving XRP the unofficial distinction of being the banker’s cryptocurrency.

Ripple’s fundamentals as a transaction agent suggest it still has room to grow in a highly diverse cryptocurrency market. There’s also speculation that U.S.-based exchange Coinbase is considering XRP for its platform. The exchange only supports four cryptocurrencies at the moment, including bitcoin, Ethereum, bitcoin cash and Litecoin.

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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Analysis

Technical Analysis: Cryptocurrencies Start Week on a Quiet Note as NEO Shines

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The broad Bitcoin-led correction continued to dominate trading in the crypto-segment throughout the weekend, as the most valuable coin drifted sideways above the key technical level at $13,000, with dwindling trading volumes.

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BTC remains in a declining short-term pattern, although the digital currency still holds well above the mini-crash lows from December, spending almost a month now in the daily range of the year-end plunge. We still expect the largest coin to complete the current cycle with a move below the crash lows and the $10,000 level after the stellar rally of the previous months. Key support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700

BTC/USD, 4-Hour Chart Analysis

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Altcoins also settled down across the boards with only a few coins registering strong activity. Ethereum and NEO have been among the coins making headlines, as the second largest coin continued to grind, higher still trading near its recent all-time high today. The price of the ETH token is moving in a short-term uptrend, in the face of the stretched momentum indicators, but we expect a meaningful correction soon, and long-term investors should wait for a more favorable technical setup before entering new positions, with key support levels at $1000, $850, $740, $625, and near $575.

ETH/USD, 4-Hour Chart Analysis

Ripple remained under heavy selling pressure in the meanwhile, as the oversold bounce of the weekend faded away and the coin got close last week’s lows again. As the short-term downtrend is intact, traders should stay away from entering new positions, while investors should wait for short-term sell-offs towards the main support levels at $1.50, $1.25, and $0.85 to add to their holdings.

XRP/USDT, 4-Hour Chart Analysis

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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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