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Trade Recommendation: Ethereum

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The market is overbought and we have to expect for a correction. The price can bounce from the resistance zone formed by the downtrend line and 700.00 resistance level and continue downward movement. But we also know that sometimes crypto markets move out of logic. We must be ready to catch a new strong upward movement to new highs. Is it possible? I think yes and Bitcoin confirms it. We can use a breakout above the resistance zone for opening long trades. Entry level is 708.00 with stop orders at 670.00 level. Profit targets should be 750.00 and 800.00 levels. This is high risk trade and the best entry levels are much lower. Don’t invest too much in this market now. It’s better to wait for a good correction and buy based on solid reversal signals. If you don’t use leverage, trading volume for this trade is up to 5% from your deposit.

Market: ETHUSDT
Buy: 708.00
Stop: 670.00
Profit Targets: 750.00 and 800.00

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

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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6 Comments

6 Comments

  1. RazvanC

    December 16, 2017 at 6:37 pm

    At 670 should be a negative profit of -38 I guess… 😉

  2. [email protected]

    December 16, 2017 at 6:40 pm

    Looks like a typo. Should be 750 – 800. Please check.

  3. herogee

    December 16, 2017 at 7:19 pm

    Yeah, he meant 750.

  4. Brentc

    December 16, 2017 at 8:55 pm

    I buy from gdax. Would this recommendation apply to gdax as well? And at what price on gdax? There is a 20 dollar gap between the two and the chart activity is different. Thanks

  5. Brentc

    December 16, 2017 at 8:56 pm

    Never mind it would be 626.

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Altcoins

Ubiq: What It Is and Why You Should Care

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Decentralized apps (Dapps) have been described as a paradigm shift in sofrware modelling. If you’re a believer, then Ubiq is one cryptocurrency worthy of consideration.

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An Introduction to Ubiq

Ubiq first emerged in early 2017 as a fork out of Ethereum, the world’s second-largest cryptocurrency and blockchain of choice for developers looking to create their own digital tokens. Ubiq intends to improve upon its predecessor by acting as a distributed ledger and supercomputer, which allows developers to create Dapps that are carried out by third parties.

By enabling the development of Dapps, Ubiq diverges sharply from some of the leading cryptocurrencies, including bitcoin.

To refresh your memory, Dapps must meet four criteria to be considered decentralized:

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  • must be open source and anonymous, which means no single entity holds token majority;
  • data must be stored on blockchain;
  • tokens must be used within the network; and
  • tokens are generated based on an algorithm that incentivizes contribution to the network.

For those interested in the technical specifications, Ubiq hosts the Ethereum Virtual Machine without the risk of hard forks. Some industry spectators say this makes it instantly more attractive for businesses. The system is based on Turing completeness rules

without having to deal with frequent updates and instability caused by Ethereum hard forks. As an Ethereum spin-off, it is built with a Turing-complete language that makes it functionally different from other cryptocurrencies, most notably bitcoin.

The platform’s native cryptocurrency is UBQ.

If bitcoin made us reevaluate our definition of store of value, Dapps can potentially expand our understanding of incentive-based applications. (In the strictest sense of the term, bitcoin can be thought of as the first Dapp because it created the blockchain solution that solves real-world problems concerning centralization and a lack of transparency.)

Until now, much of the transition toward Dapps has been driven by Ethereum, which has generated several successful projects utilizing the new technology. Some of the most notable include Golem and Augur.

All this is to say that Dapps have a promising future, and Ubiq is looking to capitalize on this movement.

Token Specifications

Unlike other cryptocurrencies, the total supply of UBQ tokens is not capped. At the time of writing, there were 39,213,112 million UBQ tokens in circulation, according to data provider CoinMarketCap. The total supply increases every year according to a pre-defined inflation rate.

You read that correctly: the Ubiq platform has its own monetary policy. Inflation in year one of the project (2017) was set at 7.29% per block. By year 12, the inflation rate is set to fall to 0.71%.

At the start of the year when the token launched, there were 36,451,770 tokens in circulation. The number of tokens increases by 8 UBQ per block.

UBQ Price Levels

Even after Tuesday’s flash crash, the value of UBQ tokens has more than tripled in the last three months. At the time of writing, the coin was priced at $3.85, which represents a daily loss of 15%. At its lowest point Tuesday, Ubiq traded at $3.28, or roughly half of its record high from early January.

More than $1.2 billion worth of UBQ traded hands over the last 24 hours, with 82% of transactions occurring on Bittrex. Digital currency platforms Cryptopia and Upbit processed 10% and 8% of the daily transactions, respectively.

At present values, Ubiq is capitalized at $151 million, placing it outside the top 100. This means the cryptocurrency is still very much a dark horse. As we’ve seen before, that hasn’t stopped cryptocurrencies from catapulting into mainstream consciousness (for recent examples, see Cardano and Tron).

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

Fears of Regulatory Crackdown Flush $190 Billion Out of Crypto Market

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Bitcoin, Ethereum and every other major cryptocurrency collapsed on Tuesday, as fears of regulatory clampdown in South Korea triggered a mass exodus from the digital asset class. The collapse comes as mainstream media reports continue to push the idea of an imminent ban on cryptocurrency exchanges even as lawmakers cautioned no decision had been reached.

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Cryptocurrency Market in Free Fall

The cryptocurrency market declined rog $190 billion on Tuesday, marking one of the biggest single-day drops on record. At its lowest, the market was valued at $510 billion,  which was than $200 billion below its peak earlier this month.

The top 20 coins were each down in excess of 17%, according to data provider CoinMarketCap. Nearly $49 billion worth of cryptocurrency exchanged hands over the past 24 hours.

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Bitcoin plunged below $12,000, reaching its lowest level since early December. Ethereum, its biggest rival, fell back toward $1,000, while Ripple bottomed out at $1.23 after peaking above $3 just a few weeks ago.

South Korea Jolts Market

It was mainly regulatory issues that jolted cryptocurrencies on Tuesday, with South Korea mulling new legislation to stamp out excessive risk from the market.

South Korea’s finance minister Kim Dong-yeon reportedly told local radio that an all-out ban on cryptocurrency trading was a “live option, but that government officials still need to “seriously review it.” Seoul’s biggest issue with cryptocurrency trading is the level of speculation in the market and the role of anonymous accounts in spurring volatility. New regulations have already banned anonymous trading on domestic exchanges and barred foreigners from participating in the market.

Last week, some of South Korea’s busiest crypto exchanges were raided by police and tax agents over alleged tax evasion. The raids were confirmed by an employee at Coinone, who spoke to Reuters anonymously.

Seoul’s financial authorities had previously indicated they were investigating six banks that offer cryptocurrency accounts. In addition to speculative risks, authorities are also concerned about the link between cryptocurrency trading and organized crime.

South Korea is a major center for cryptocurrency and is home to some of the largest exchanges. Local traders have been the main catalysts behind some of the crypto market’s biggest gainers, including Ripple.

Some analysts believe that further regulatory crackdown will be ineffective given the borderless nature of cryptocurrencies. When China banned cryptocurrencies, traders there migrated their accounts offshore to Hong Kong or Korea. This suggests that a regulatory crackdown can only succeed with broad international cooperation, which does not exist at the time.

Chinese regulators know that their measures have done very little to limit virtual capital flight from the country. That’s why they are moving to block domestic access to offshore exchanges, according to a recent Bloomberg report.

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

Long-Term Cryptocurrency Analysis: Broad Correction Enters Next Phase

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The overbought BTC-led correction that has been the dominating technical process in the cryptocurrency segment in the last month or so continued in earnest today, amid the intensifying regulatory steps concerning the sector. The three-week-long consolidation that followed the initial mini-crash concluded with a sharp sell-off overnight rearranging the long-term charts, while likely kicking off another volatile period.

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While most of the crash lows held up today in early trading in the majors, especially in the case of the late leaders like Ethereum and NEO, some of the relatively weaker coins are already trading below the December minimums. We expect most of the majors to follow Dash and LTC, the weakest of the largest coins, lower and trade below the previous lows, as sentiment will likely swing to a bearish extreme.

The $11,300 level has been in the center of attention throughout the session today and the most valuable coin experienced heavy trading around the level as expected. As the daily MACD is still in neutral territory, the coin could be in for another leg lower, but after the 40% correction and the rather lengthy consolidation, investors could be looking for entry points during the move near the key support levels at $10,000, $9000, and the stronger levels at $8200 and $7700.

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BTC/USD, Daily Chart Analysis

As Ethereum is in a different part of its cycle the long-term momentum readings are still overbought, and that could mean a more protracted correction for the second largest coin. That said, following a multi-month consolidation like the one in Ethereum before, we still expect the token to outperform BTC from a long-term technical standpoint. ETH is now below the short-term trendline, and it’s likely to dip below $1000, and the prior top at $850. Further key levels are found at $740, $625, $575, and near $500.

ETH/USD, Daily Chart Analysis

Let’s see the outlook for the other major altcoins after today’s bloodbath.

(more…)

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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