XRP/BTC: Short-Term Buy
XRP/BTC, 4-Hour Chart Analysis
XRP’s price moved above the 0.000115 BTC level in active trading this morning, triggering a buy signal with a stop below the prior swing low below 0.0001. The move comes after a more than one-month-long consolidation, which brought the pair down by more than 60%. The primary target for the move is at 0.000145 and at 0.00016, and a re-test of the prior high at 0.00024 is also in the cards in the coming weeks. Ripple trades in a volatile fashion during its moves, so trading sizes should be controlled, as 20-30% daily moves are not uncommon for the currency.
Longer term positions could also be opened here with a stop under the key 0.00009 level, that served as a base in the recent consolidation. The MACD produced a buy signal today after an extended period of neutral readings. Ripple is also breaking out from a long-term consolidation pattern against the Dollar, moving above the 0.30 level, but it faces strong resistance at 0.32, and the BTC pair looks more promising.
XRP/USDT, Daily (long-Term) Chart Analysis
Bitcoin Hits $100 Billion as Record Rally Continues
Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.
Bitcoin’s Fresh Intraday High
BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.
At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.
Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.
The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.
Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.
Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.
Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.
It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s
A Day of Milestones
Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.
The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.
Featured image courtesy of Shutterstock.
Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down
Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.
While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.
BTC/USD, 4-Hour Chart Analysis
As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.
Trade Recommendation: Ethereum
The price bounced from 300.00 level. RSI and a reversal candlestick pattern confirmed price reversal. MACD supports upward movement and DMI allows opening long trades. Pending orders for buy should be placed above the local swing at 318.00 level. Stop orders should be placed below 300.00 support at 286.00 level. Profit targets are 350.00 and 390.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.
Profit Targets: 350.00 and 390.00
The trading signal is based on Poloniex chart.
- Bitcoin Hits $100 Billion as Record Rally Continues October 21, 2017
- Will Crude Oil Reach $68 a Barrel in 2016? October 21, 2017
- Daily Analysis: Stocks Shoot for the Moon as Senate Passes Budget October 20, 2017
- Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down October 20, 2017
- Trade Recommendation: Ethereum October 20, 2017
- Bitcoin Cash Consolidates as Markets Search for Direction October 20, 2017
- Trade Recommendation: GBPJPY October 20, 2017
- Gold Still Beats Bitcoin, According to Goldman Sachs… But What About Price Independence? October 20, 2017
- Asian Market Update – Friday: Asian stocks surged from negative territory to post minor gains on US tax reform hopes October 20, 2017
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