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Trade Recommendation: IOTA

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If the price bounces from the support zone formed by 0.50000 and 0.47000 levels, we’ll get a buy opportunity. RSI is going to confirm price reversal and do it near the oversold zone. MACD histogram also reverses and it will support the upward movement. DMI indicator tells us that bears are strong, and it’s better to wait when I ADX line reverses and starts falling. Also the downtrend line is a barrier for possible upward movement. That’s why we should wait when the price breaks it and moves upward. We can place pending orders for buy at 0.55000 level and stop orders below the swing low at 0.48000 level. Profit targets are 0.65000 and 0.80000 levels. If the price drops below the support zone, we should delete buy orders and wait for new trading opportunities. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

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Market: IOTUSD
Buy: 0.55000
Stop: 0.48000
Profit Targets: 0.65000 and 0.80000

The trading signal is based on Bitfinex chart.

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Cryptocurrencies

Ethereum Just Broke $700 for the First Time

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Ethereum caught a tailwind higher on Wednesday, as prices broke above $700 for the first time ever amid general optimism in the cryptocurrency arena.

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ETH/USD Price Levels

The ETH/USD exchange rate was trading at session highs at press time, rising 18% to $721. Trade volumes surged, with 24-hour turnover exceeding $5.2 billion. That’s equivalent to around 301,779 bitcoin.

Trading activity was spread out across the major exchanges, with Coinbase’s GDAX accounting for more than 11% of total transactions. South Korea’s Bithumb also accounted for roughly 11% of the daily transactions.

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At present values, Ethereum’s market cap is $68.7 billion, according to CoinMarketCap. Ethereum is the world’s second largest cryptocurrency by overall market capitalization, outshined only by bitcoin.

Ether’s surge appears to have originated Tuesday afternoon, when prices first broke $600. By the early evening, ETH/USD was trading near $670. A sharp correction back down to $600 would soon follow before prices resumed higher over the next 12 hours.

Prior to the latest rally, ether found itself in a prolonged rut as prices struggled to rise above $500. Some analysts say ether’s transaction woes are limiting its upward momentum. The platform currently supports around 15 transactions per second. By comparison, Visa processes 45,000 per second. For ether to generate mainstream appeal, it will likely have to increase its transaction capacity. Discussions on the best way of doing so are ongoing.

Swiss Banking Giants Leverage Ethereum

Ether’s newfound strength comes on the heels of a new partnership announced by Swiss financiers UBS, Barclays and others to advance data collection and reconciliation tied to upcoming MiFID II regulations. The consortia, which also includes KBC, SIX and Thomson Reuters, is relying on Ethereum’s smart contracts to allow financial institutions to identify and sort out data-related anomalies. By leveraging smart contracts, the banks will be able to reconcile sensitive reference data without compromising sensitive information.

By using smart contracts, the banks hope to bring down costs associated with data collection and storage.

A UBS analyst heralded the partnership as an important step in advancing blockchain’s benefits beyond the obvious clearing and settlement market. MiFID II regulations will come into effect Jan. 3.

The cryptocurrency’s use cases have grown since the Enterprise Ethereum Alliance (EEA) was established. EEA boasts an impressive collection of Fortune 500 companies, startups and subject matter experts converging on smart contract research and development. The goal of the Alliance is to “define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business.”

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 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: ETC/BTC Pair Bottoming Out

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The ETC/BTC market has been in a downtrend after it generated a high of 0.00931529 in June and failed to hold support at 0.006 on Poloniex. Bears repelled any meaningful rally and sent the market to as low as 0.00129881. Fortunately for the bulls, it appears that the pair may have found its bottom.

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Technical analysis shows signs of selling exhaustion. First, ETC/BTC went into extreme oversold territory when the price reached 0.00129881. Second, and more importantly, the market revisited that level recently after it corrected from its move above 0.003. When the pair tested support, 0.00129881 was held even though the volume was twice its daily average on Poloniex. These indicators suggest that the pair has bottomed out.

The strategy is to buy between 0.00129881 and 0.002. Take note: the market is still in a downtrend, but there’s an opportunity to generate profits by trading the range. Sell when the market touches 0.0032.

Daily ETC/BTC Chart on Poloniex

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As of this writing, the market price of ETC/BTC is 0.00179752.

Summary of Strategy

Buy: between 0.00129881 and 0.002

Support: 0.00129881

Target: 0.0032

Stop: Move below 0.00129881

 

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

Ripple Spikes 50% as Bitcoin Lifts Smaller Altcoins

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Ripple spiked to new highs on Wednesday, as altcoins followed bitcoin higher in the wake of CBOE’s successful futures launch.

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XRP/USD Price Levels

Ripple (XRP/USD) shot up to 0.4442 on Wednesday, which was a new all-time high for the altcoin. Prices were last seen hovering at 0.3651 for a gain of roughly 50%, according to CoinMarketCap.

At present values, the XRP market is capitalized at $14.7 billion. Trade volumes over the past 24 hours exceeded $1.7 billion. South Korean trading desks were responsible for the lion’s share of the turnover, with XRP/KRW transactions on Bithumb accounting for roughly 30% of the transactions. Coinone, another South Korean exchange, turned over nearly 8% of the transactions.

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Ripple benefited from a broad upswing in the cryptocurrency market on Tuesday as bitcoin rose above $17,000. The global cryptocurrency market is currently valued at roughly $488 billion. Bitcoin now accounts for less than 40% of the daily turnover. Ripple is down at nearly 5%, which is enough for fifth in volume terms.

AMEX Partnership

Positive vibes from bitcoin futures aren’t the only catalyst behind Ripple’s record surge. The San Francisco-based company recently confirmed a partnership with credit card American Express, the Dow Jones blue chip that is embracing blockchain. American Express is looking to Ripple to solve liquidity shortfalls in remittances by offering instant blockchain-based payments.

Rumblings of an AMEX-Ripple partnership made headway in October. Last month, American Express’s chief information officer Marc Gordon commented on his company’s new venture with Ripple as well as Santander, a financial institute based in the U.K.

Ethereum and Litecoin also surged to record highs on Tuesday, as markets continued to prosper in the wake of CBOE’s bitcoin futures contract.

“American Express has a long history of integrating new technologies,” Gordon said. “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”

The Santander connection appears to be opening a U.S.-U.K. corridor for real-time gross settlement for business to business transactions. This is expected to reduce cost and enhance the end user experience. Proponents say the new protocol is a significant improvement over the existing SWIFT system.

Some speculators say there’s the potential for a Ripple-Paycase partnership in the near future, given that both rely on a bitcoin blockchain. Paycase has successfully created a remittance corridor between Canada and Latin America, making Ripple a natural ally.

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 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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