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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.   

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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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3.2 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: Coins Pop Higher as Consolidation Continues

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Trading activity increased in the major coins today, amid a mixed news flow, and for now, bulls scored a small victory following last week’s bearish price action. Bitcoin, Ethereum and most of the largest digital currencies gained several percents, despite the weekend’s deterioration, and although the technical setup didn’t change significantly, an immediate breakdown has been averted.

The discouraging BIS report that has been making waves today wasn’t enough to push the coins below support, but for now, the short-term strength left the trading range intact with the primary resistance levels still keeping a lid on prices. Given the uncertain long-term picture, the coming weeks will be crucial for the largest coins and the whole segment alike, with Bitcoin being in the center of attention after its long period of relative weakness.

BTC/USD, 4-Hour Chart Analysis

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Bitcoin held up above the April low, despite the bearish short-term picture, and the coin the highest price level in a week, breaching the $6750 level in the process. While the most valuable coin fared relatively well today, it clearly remains a laggard from a broader perspective, and it is still trading in a declining short-term trend, with several strong resistance levels just ahead.

The $5850 is the key from a long-term perspective, with further support levels at $6500 and $6275 and resistance ahead at $7000 and $7350.

Bearish Rotation Among Altcoins

ETH/USD, 4-Hour Chart Analysis

On a negative note, the leaders of the latest rally were among the weaker coins today, and that is a sign of bearish rotation in a segment, and until major resistance levels are broken traders shouldn’t enter new positions here. Ethereum managed to rally above $500 yet again, but it remained below week’s bounce high, leaving the trading range intact, while the declining short-term trend is also still dominant.  Strong resistance is still ahead between $555 and $575, while support below $500 is found at $450, $400, and $380.

EOS/USD, 4-Hour Chart Analysis

EOS, which is one of the strongest majors technically speaking also edged higher today, but it remains stuck in the declining short-term pattern, and below key support/resistance zone near $12. The coin is well below last week’s high and until a confirmed short-term trend change, traders shouldn’t enter positions here.

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 277 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

New York Approval of Crypto Trading App Ignites Price Rally for Bitcoin, Altcoins

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The cryptocurrency market on Monday added $13 billion in the span of one hour after New York’s Department of Financial Services granted Square a digital currency license.

Square Cash App Approved for BitLicense

San Francisco-based startup Square, Inc. announced Monday it has been granted approval by New York regulators to launch its cryptocurrency trading platform in the state. The new crypto service will be offered through Square’s Cash app, which has seven million monthly active users, based on the company’s first-quarter earnings call.

The announcement was confirmed by Square in conjunction with an official press release issued by New York’s Department of Financial Services (DFS).

“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market.,” Superintendent Maria Vullo said in a statement. “DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

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Bitcoin buying launched for Cash users last fall; by January, most users had access to crypto trading platform. Square announced in March it would seek a BitLicense to bring bitcoin trading to the nation’s second-most populous state.

Cash App has reportedly generated $34 million in profit through its bitcoin trading service.

Bitcoin, Cryptos Pop

Cryptocurrencies added roughly $13 billion in value between 12:22 UTC and 13:27 UTC, bringing the total market cap to $289.5 billion. Total trading volumes spiked by more than $1.5 billion over the same period.

At press time, the total value of all cryptos in circulation was $287.1 billion, according to CoinMarketCap. That represents a gain of about $23 billion from last week’s bear market low.

Bitcoin reached a high of $6,781.14 following the Square Cash announcement. It was last seen trading around $6,716, according to BarCart data.

The largest cryptocurrency by capitalization showed signs of breaking down earlier in the day as prices approached $6,300 on the major exchanges. BTC/USD was little changed over the weekend as the bulls failed to extend last week’s modest relief rally.

Despite the latest gain, bitcoin remains about 10% lower for June and is down more than 50% year-to-date.

As an asset class, altcoins rose more than $8 billion Monday afternoon. At $172.2 billion, digital currencies outside of bitcoin represent 60% of the total market.

All coins within the top-ten reported gains. Percentage-wise, Tron was the best performer, rallying 5.4% to $0.045. Ethereum jumped 3.4% to $517.46. Bitcoin cash added nearly 4% to trade at $884.28.

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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4.5 stars on average, based on 456 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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Bitcoin

Bitcoin’s Stalled Recovery Keeps the Bulls in Check

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The bitcoin recovery engine stalled on Monday, setting the stage for a possible price reversal that mirrors last week’s 70-day low. With the total market cap so low, a decline in bitcoin would almost assuredly lead to a similar correction for other cryptocurrencies.

Bitcoin Price Levels

Bitcoin prices reached a low of $6,335.77 on Monday, as bearish pressure continued to undermine last week’s modest recovery. Bitcoin rallied to a high around $6,700 last Thursday shortly after bottoming near $6,100.

The cryptocurrency later recovered around $6,660A7 but remains in a bearish pattern going all the way back to June 9. BTC/USD is down roughly $1,000 over that stretch. Price action over the past 24 hours suggests that a further breakdown is probable.

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The cryptocurrency market cap reached a high of $284 billion on Monday. Bitcoin and altcoins exhibited price stability over the weekend as trading volumes continued to plummet.

Depressed Market

As we reported this weekend, cryptocurrencies have witnessed a steady decline in trading volume that could make the market more prone to volatility. Daily trade volumes bottomed near $9.5 billion Sunday, the lowest in over two months. Volumes are down a staggering 80% since the market peaked in early January.

The absence of new money paints the picture of a depressed market in need of direction. With organic searches for “bitcoin” and “cryptocurrency” the lowest in around nine months, a large influx of new retail traders is highly unlikely.

Exchanges such as Coinbase are betting big that the next major catalyst will come not from retail traders, but large institutions. To help make that a reality, Coinbase has launched a new crypto-custody service targeting bitcoin whales. According to crypto hedge fund manager Kyle Samani, regulated custody services are the game changer that will attract institutional-scale capital.

“There are a lot of investors where custodianship was the final barrier,” Samani told Bloomberg in a phone interview. “Over the next year, the market will come to recognize that custodianship is a solved problem. This will unlock a big wave of capital.”

Coinbase isn’t the only organization vying to become a qualified custodian. Goldman-backed Circle and BiGo have also been in negotiation with regulators on the matter. Earlier this year, investment bank Nomura Holdings joined forces with two cryptocurrency firms to create a custody consortium. Bloomberg reports that at least three Wall Street custodians – Bank of New York Mellon Corp., JPMorgan Chase & Co. and Northern Trust Corp. – are exploring cryptocurrency custody services.

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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4.5 stars on average, based on 456 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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