The trading idea is based on a breakout signal above the previous swing high. If the market can’t move above 61.00 level and reverse, we’ll have a double top chart pattern. For confirmation this pattern the price will have to drop below 55.00 support level. If so, we should expect for the market falling to 50.00 level at least. But if the price moves above the previous high, we’ll get an additional confirmation of further upward movement. In order to catch such price movement, we can place pending orders for buy at 61.00 level. Stop orders must be at 54.00 level. Profit targets are 72.00 and 80.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 72.00 and 80.00
The trading signal is based on Poloniex chart.
We Have to Talk About Bitcoin Again
It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.
Bitcoin’s Bull Market
BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.
The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.
Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.
Bitcoin Gold’s Private Fork
Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.
Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.
Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.
BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for Segwit2x hard fork in November.
“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.
Featured image courtesy of Shutterstock.
Trade Recommendation: Qtum
The price of Qtum has bounced from the support zone formed by the 0.035000 support level and Senkou B line of the Ichimoku indicator. The DMI confirms trend market conditions and allows opening long trades. We have a trading opportunity. Pending orders for buy should be placed at 0.037800 level with stop orders at 0.034000 level. The main profit target is 0.050000 level. The part of trade volume can be left for the long run. If you don’t use leverage, the recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 0.050000
The trading signal is based on Bittrex chart.
Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again
The most valuable coin had another encouraging week, as it emerged from a brief but violent correction, just to reach new highs towards the end of the week, draining capital from altcoins. The total value of the market is stagnating near the all-time high, but BTC crossed the $100 billion mark as it surged past the $6000 price level, controlling 58% of the market.
With the long-term MACD clearly being overbought, and as the long-term target has been hit, investors should now be looking for exit points, even as the short-term uptrend is intact. The range projection target of the recent correction is found at $7000, but correction risks are already high, and only small positions should be kept in the current setup.
BTC/USD, Daily Chart Analysis
Most of the major altcoins are trading in narrow ranges this weekend after a slightly bearish week, as the optimism surrounding Ethereum’s major update faded and the second largest coin re-entered its previous range.
Litecoin, Dash, and Monero are still looking encouraging despite the lengthy correction, while the recently, while the relatively weak Ethereum Classic IOTA continue to show worrying signs. As the Bitcoin long trade is getting stretched, let’s see the how the daily charts of the altcoins are shaping up.
- We Have to Talk About Bitcoin Again October 21, 2017
- iComply ICO Adds Blockchain Thought Leader “ThePiachu” to Its Management Team October 21, 2017
- Trade Recommendation: Qtum October 21, 2017
- Long-Term Cryptocurrency Analysis: Bitcoin Outshines Altcoins Again October 21, 2017
- Trade Recommendation: Waves October 21, 2017
- Week In Review: Stocks Take-Off Along with Bitcoin and the Dollar October 21, 2017
- Bitcoin Hits $100 Billion as Record Rally Continues October 21, 2017
- Will Crude Oil Reach $68 a Barrel in 2018? October 21, 2017
- ICO Update: Polkadot October 20, 2017
- Daily Analysis: Stocks Shoot for the Moon as Senate Passes Budget October 20, 2017
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