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Trade Recommendation: Neo

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Bullish divergence, formed by the price and RSI, gave a trend reversal signal. When the price passed through the cloud, we got an additional confirmation of possible upward movement. DMI gives bullish signal and allows opening long trades. It’s buy opportunity. Pending orders can be placed at 0.005500 level with stop orders below the local swing low at 0.004700 level. Profit targets are 0.006500 and 0.008500 levels. If you don’t use leverage, recommended trading volume for this trade is up to 10% from your deposit.

Market: NEOBTC
Buy: 0.005500
Stop: 0.004470
Profit Targets: 0.006500 and 0.008500

The trading signal is based on Bittrex chart.   

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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3.3 stars on average, based on 44 rated postsDmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.




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Analysis

Crypto Update: Market Stabilizes but Bulls Not Out of the Woods

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The cryptocurrency segment looks much better than any time in the last 10 days, as the major coins managed to hold up above the liquidation lows hit on Tuesday. While the bounce stabilized the market, there is still substantial fragility following the steep selloff, and until further bullish moves, traders shouldn’t enter full positions.

That said, finally, there are signs of relative strength among the top coins as correlations are slightly lower, and some of the bearish leaders managed to recapture key resistance levels. Litecoin is trading right at the crucial $56 level, while Monero is above the $90 level, and as we noted before the exhaustion of their downtrend is a positive sign or the whole segment.

XMR/USDT, 4-Hour Chart Analysis

The bounce and the following stability triggered a few upgrades in our trend model after spending almost 1 month in the sell zone, but there are still no majors on a buy signal as the segment-wide downtrend remains intact. Bitcoin remains the strongest coin from a technical perspective, while Ethereum and Ripple, which showed weakness for weeks, are also in better shape, even as they face very strong resistance levels.

ETH/USD, 4-Hour Chart Analysis

Ethereum managed to hold up above the $275-$280 level during the overnight pullback, and now it faces the $300 resistance level again, trying to build on the recent rally. While the short-term downtrend is intact, and the oversold longer-term momentum readings could fuel a rally in the coming weeks, but now the coin is in a structural bear market after the break below $400.

The coin is now neutral from a short-term standpoint, but a move below $275 would point to another test of the lows. Further resistance is ahead at $3335 and $360, while strong long-term support is at $260.

Bitcoin Still Below $6500 as XRP Nears $0.30

BTC/USD, 4-Hour Chart Analysis

Not much has changed for Bitcoin in recent days, but relatively speaking the largest coin showed significant strength. That said, until BTC doesn’t show bullish momentum, traders still shouldn’t enter positions, as the structurally important $5850 level is still not far below the current price level. A move above $6500 would trigger a short-term buy signal, but further strong resistance levels are ahead at $6750 and $7000, while support is still found at $6275 and $6000.

XRP/USDT, 4-Hour Chart Analysis

Ripple and Ethereum are in very similar technical setups, and XRP is also facing strong resistance at $0.30 after finding support overnight near $0.275. After the panicky spike below $0.26, the odds of a durable increased, and should the coin stay above the overnight lows, the coin could avoid another short-term sell signal. While traders should still stay away from entering full positions here, a bottoming process might already be underway.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.6 stars on average, based on 318 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Altcoins

Ethereum Price Rebounds from 14-Month Low; Long-Term Growth Still Intact, Says Co-Founder 

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Ethereum staged a large relief rally on Wednesday, as bargain hunters swept in to capitalize on extreme oversold conditions following a 35% weekly rout for the world’s second-largest cryptocurrency.

ETH/USD Update

The ether price surged 13.6% to $294, clawing back more than half the losses it incurred since Monday. Total trade volumes were $1.9 billion, according to CoinMarketCap.

At current values, Ethereum has a total capitalization of $29.8 billion.

Momentum has returned to the ether trade, with the monthly relative strength index (RSI) improving to 67. Ethereum’s RSI plunged to single digits twice over the past eight days.

The broader cryptocurrency market improved to $208.4 billion on Wednesday, which is a reversal of nearly $20 billion from the recent swing low.

Long-Term Growth Trajectory Still Intact: Lubin

Ethereum co-founder Joseph Lubin isn’t concerned about the latest downtrend in cryptocurrency prices. In fact, he believes the market is in better health today now that speculative investments have died off and bubble conditions have eroded.

“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin, who currently serves as CEO of ConsenSys Inc., said during an interview with Bloomberg. “With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”

Lubin believes Ethereum will play a pivotal role in the future alongside hundreds of other blockchain networks. This view is shared by other industry leaders, such as Ethereum co-founder Vitalik Buterin and Ted Rogers of Xapo, who believe the vast majority of tokens will go to zero.

Arthur Hayes Rips Ethereum

BitMEX CEO Arthur Hayes launched a scathing criticism of Ethereum in a recent post on Crypto Trader Digest, where he attributed the cryptocurrency’s growth to the highly speculative ICO boom.

In Hayes’ view, Ethereum will soon go “from a 3-digit to a 2-digit shitcoin.”

In the crypto community, a ‘shitcoin’ is a pejorative term that describes an altcoin that has become worthless.

As Hacked reported on Tuesday, a large-scale cash-out of ICOs appears to have sparked the recent leg of the crypto market downturn. At its lowest point on Tuesday, the cryptocurrency market cap was valued around $189 billion. That’s a $220 billion reversal from three months ago.

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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4.6 stars on average, based on 548 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Why Investors Should Pay Attention to OmiseGO

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Decentralization is a word that receives a ton of lip service in the blockchain community, but some companies are actually doing an amazing job getting their actions to back their words. OmiseGO is one such company.

Omise was founded in 2013 as a payment services company, and OmiseGO is an extension platform that operates separately. It is important you not confuse the two.

As an ERC-20 token that operates a smart contract platform, OMG is a high-performing proof-of-stake protocol with a massive mission to bring decentralization to trading.

What Need is OmiseGO Fulfilling

Ripple was originally seen to be the top solution in the payment providers sector, but its lack of decentralization has shown that there are significant downsides to their operating model. OmiseGO aims to become a decentralized Ripple, but operating a high-powered decentralized exchange (DEX), and has already become the top name in on-chain and cross-chain transactions.

With decentralization and the ability to connect fragmented payment processors, OmiseGO would also be able to help the unbanked gain access to the banking system.

There is currently a massive gap in the legacy financial network, since payment networks (such as SWIFT) have unilateral control over the flow of financial services on their network. Paypal and Venmo have proven to have similar centralization risks, even if they bring some competition to the table.

Not only would OmiseGO decentralize payment processing and create a DEX, but they have released a software development kit (SDK) to enable the creation of new applications and wallets on their system.

Meet the OmiseGO Team

OmiseGO is run by a well-reputed team (headed by Jun Hasegawa) who in the past have been referred to as “Fintech Rockstars” by Forbes. Their advisory board is packed with big names like Vitalin Buterin, Gavin Wood, and Joseph Poon, to name a few.

By contributing $100,000 to the Ethereum foundations DEVGRANTS program, they have indicated a strong commitment to the future of Ethereum and their investment within the community.

Every token needs to have its utility, and OMG is paid to holders in exchange for validating transactions. These holders have the right to confirm blocks, and effectively work as income producing assets in the course of the operation of the network.

The incentives here lie in the value of the network. The more transactions that need to be validated, the more token holders will need to confirm transactions, and therefore the more money is likely to be distributed to OMG holders in exchange for their confirmations.

OmiseGO’s Recent Performance

OmiseGO is now trading at around $3.30 USD, which is down an incredible amount from its high above $24 USD in January. This has been typical of many assets in the industry, but could be a sign that OMG is oversold.

There has also been a lot of news about OMG recently. In July a partnership with Status was announced that would result with the integration of the services of the two companies. Status is an open source dapp (decentralized app) for phones and browsers, and was one of the first clients to be developed on the Ethereum blockchain. Their core project is to link mobile chat and social media by using Ethereum tokenization.

With the goal of ultimate decentralization, OmiseGO has its work cut out for it. Although founded in 2013, they are still in the early stages of their expansions. More good news came in early June, when OMG was listed on Unocoin, one of the top asian exchanges located in India.

OmiseGO’s dream of connecting all the disparate financial systems and rails gives it the potential to become the DEX of the future. The question is whether they can displace the already dominant Ripple by going in a different strategic direction and sticking to their core tenets of decentralization and trustless networks.

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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