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Trade Recommendation: Buy ETCBTC

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Strong buying at the lows indicates that the selling was overdone and value seekers have started cherry picking at the bottom. If the subsequent pullback holds above the critical Fibonacci retracement levels of 50% or 61.8% of the preceding rally, it shows a lack of sellers and influx of buyers. We have a similar set up in ETCBTC. Let’s analyze the setup.

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Key points

  1. ETCBTC has completed its pullback
  2. The cryptocurrency is likely to start a new uptrend, hence, qualifies as a buy

Daily chart

ETCBTC topped out on May 25 at $0.00952 levels. After spending a couple of months in a range, the cryptocurrency broke down of the range and started a downtrend from July 20. We believe that the bottom was made on November 02 at $0.00131001 levels. From the lows, the digital currency rallied to $0.00367794 levels by November 12, a 180% rally within a matter of 10 days. We have been waiting for a low-risk entry point, which has materialized now.

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The virtual currency had been trading below the 50-day SMA from July 17 of this year. An attempt to breakout of the 50-day SMA failed on September 02.

Price finally broke out of the 50-day SMA on November 11. The bullish crossover of the 20-day EMA and the 50-day SMA has also completed on November 17. For the past week, price has not broken below the 50-day SMA, which is a bullish sign.

After a sharp rally, the subsequent pullback was arrested at $0.00209002 levels, which is just below the 61.8% Fibonacci retracement level of the rally from $0.00131001 to $0.00367794.

Since November 16, ETCBTC was stuck in a tight range of $0.00209002 on the lower end and $0.00240731 on the upper end.

Today, the cryptocurrency has broken out of the overhead resistance. As a result, we expect a new uptrend to start in ETCBTC. The rise from the current levels is likely to face resistance at $0.00288 and $0.0030 levels, being 50% and 61.8% Fibonacci retracement levels of the fall from $0.00367794 to $0.00209002. Therefore, traders should raise their stops to breakeven if they find that ETCBTC is struggling to move up.

We, however, believe that a retest of the $0.00367794 is likely.

Therefore, we recommend a buy at the current levels of $0.00246977 with a stop loss of $0.0020 levels.

Key levels in this trade

Buy at $0.00246977

Stop loss $0.002

Raise stops to breakeven if price struggles to breakout of $0.00288 and $0.003

Target $0.0036.

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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3 Comments

3 Comments

  1. sakuser

    November 25, 2017 at 8:39 am

    Hello,

    Could we do this buy also with ETC/XBT?
    If yes, do you think there is a possitive correlation between XBT and BTC?
    Lastly, how long do you think it will take to reach the target? (couple of days or a week?)

    Thank you so much in advance.

    • sakuser

      November 25, 2017 at 8:43 am

      Meant to say ETC/BCH not ETC/XBT, my bad.

    • Rakesh Upadhyay

      November 25, 2017 at 10:18 am

      Hello sakuser,

      Well, I could not find a chart for ETCBCH, so can’t comment on the entry and exit levels.
      While BTC is in a confirmed uptrend, BCH rallies in fits and starts and it is hugely volatile, hence, I would prefer to avoid using BCH.

      I believe it will take more than a week to reach the target.

      Hope your doubts have been clarified.

      With warm regards
      Rakesh Upadhyay

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Altcoins

Monero Forges Ahead as Prices Cross $290

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Monero shot up again on Tuesday, as the privacy-focused altcoin approached new highs on the promise of lower transaction fees.

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XMR/USD Price Levels

Monero has been on a tear for the past five weeks with prices more than tripling since Nov. 5. At press time, XMR/USD was up 7.5% at $289, where it was not far from session highs. The cryptocurrency recently established new lifetime highs north of $307. A re-test of those highs could be imminent as XMR continues to push north of $290.

With the latest gain, Monero has added 20% over the past five days, and is ranked no. 7 in terms of dollar-denominated market cap. The total value of XMR in circulation is now $4.6 billion, according to CoinMarketCap. That puts it above NEM (XEM), bitcoin gold (BTG) and Stellar Lumens (XLM).

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Monero’s trade volumes remain well below altcoin leaders Ethereum, Litecoin and IOTA. As of Tuesday, XMR turned over $188 million over the previous 24 hours, with South Korea’s Bithumb responsible for about a quarter of total transactions. The XMR/BTC exchange on HitBTC saw nearly 17% of the daily turnover. XMR/USD traded on Bitfinex also saw more than 16% of total transactions.

Although significant, Monero’s gains have occurred in lockstep with the broader cryptocurrency universe, with altcoins benefiting significantly from bitcoin’s record highs.

Bulletproofs Present Cost-Saving Potential

Monero Research Labs is working hard to reduce the network’s transaction fees by up to 80%, a signs of a bright future for the leading altcoin. The implementation of Bulletproofs also appears to be working in favor of lowering transaction sizes on the network.

For the uninitiated, bulletproofs are essentially an improvement in the bandwidth efficiency of Monero’s confidential transactions. Bulletproofs are also capable of lowering both the transaction size and transaction fee of the Monero platform. The implementation of this protocol is expected to benefit Monero in other important ways, such as faster verification times.

Monero developers are implementing bulletproofs in two stages, the first being the single-output proofs. This will be followed by multiple-output proofs at a later stage. As of last week, Monero said bulletproofs are moving into testnet shortly.

“Overall, bulletproofs represent a huge advancement in Monero transactions,” Sarang Noether wrote in a Dec. 7 blog on the Monero website. “We get massive space savings, better verification times, and lower fees.”

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

Ethereum Flirts With Record Highs as Buterin Compares Crypto Surge to Salvator Mundi Auction

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Ethereum prices climbed to fresh records on Tuesday, as crypto mania picked up where it left off before the launch of bitcoin futures over the weekend.

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ETH/USD Price Levels

The value of ether touched an intraday high of $522.63, which was the highest level ever recorded for the world’s no. 2 cryptocurrency. Ether’s previous record was set on Saturday when prices crossed $518.

At press time, the coin was valued at around $513 for a gain of more than 8%. That gave ether a total market cap of nearly $50 billion. The cryptocurrency has added more than 4,000% this year, putting it among the world’s top altcoins.

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Trade volumes approached $2 billion over the previous 24 hours, which is equivalent to 118,000 bitcoin. Coinbase’s GDAX exchange had the highest turnover, with ETH/USD accounting for more than 9% of the volume. Bitfinex also processed more than 9% of ether transactions via ETH/USD. Meanwhile, Bithumb’s ETH/KRW cross saw 6% of the daily volume.

In all these cases, more than half a billion in ether was transaction.

Ether has successfully traded above $500 on several occasions, but has struggled to maintain those price levels. The previous record high was partly associated with the latest CryptoKitties craze, which promises frictionless trading of digital assets via blockchain.

Looking ahead, ether could struggle to break free from its recently defined trading range between $450 and $500. Although the market is slowly recovering from a congested network, record highs have been much harder to come by in recent months than other cryptocurrencies. By comparison, bitcoin has set multiple record highs over the same period. Several leading altcoins have also managed to climb to new heights on multiple occasions. Ethereum’s rally continues to be very much off-and-on.

Buterin Weighs In

Ethereum creator Vitalik Buterin recently compared the cryptocurrency market with the Salvator Mundi auction, which raised $450 million in November. The 23-year-old said growing interest in cryptocurrencies was “a reflection of the world at large. Buterin highlighted the growing popularity of CryptoKitties in sending his point across.

“I actually like the digital cat games,” Buterin said in a Dec. 4 tweet about CryptoKitties. “They illustrate very well that the value of a blockchain extends far beyond applications that would literally get shut down by banks or governments if they did not use one.”

Ethereum Use Cases on the Rise

Ethereum’s smart contract capability is being used by Switzerland’s largest banks to prepare for new European financial regulations. UBS announced Monday it has entered into partnership with Barclays, KBC and others to advance the MiFID II data collection initiative. The program will be driven by Ethereum smart contracts and run on the Microsoft Azure platform.

The combination of smart contracts and cloud will ensure banks can meet more stringent regulations on a common platform that will enable industry-wide reconciliation. Presently, these institutions must perform checks independently.

MiFID II will officially launch Jan. 3, 2018, and will replace the current regulatory directive.

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.

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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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Ethereum’s Pullback from Record Territory Continues as CryptoKittes Effect Wears Thin

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Ethereum resumed its descent Monday, a mere 24 hours after hitting new highs, a sign that the CryptoKitties bump was beginning to wear down.

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ETH/USD Price Levels

Ether’s dollar-denominated trade value plunged 10% on Monday to reach an intraday low near $429. Prices would later recover near $450 for a loss of nearly 6%. ETH/USD has declined 2.7% over the past five days in what has been a period of relative calm for the world’s second-largest cryptocurrency.

That being said, prices briefly traded at record highs over the weekend, touching $518. That narrowly beat the Nov. 29 high of $514.

At present values, the ether market is capitalized at nearly $44 billion, which is only a fraction of bitcoin’s $260 billion value. Ether’s 24-hour transaction volume came in at nearly $1.5 billion, according to CoinMarketCap.

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Volumes were evenly dispersed across the exchanges. Bitfinex’s ETH/USD pair saw the highest volume at 7.4% of the total market, which was equivalent to $108 million. Poloniex processed nearly 7% of ether’s daily turnover via ETH/BTC.

Ethereum rebounded from record lows against bitcoin, but remains relatively subdued as the world’s no. 1 crypto continues to dominate the market. ETH/BTC plunged 11% to 0.028040.

CryptoKitties

Much of the excitement surrounding Ethereum lately has centered on CryptoKitties, a simple collectibles-based game that was built on the ether blockchain. The game, which was released Nov. 28, allows users to purchase, trade and even breed digital kittens. Some analysts have likened the game to Tamagotchi, a handheld digital pets game launched in 1996.

Transactions on Cryptocurrencies are processed using ether, which is Ethereum’s native token. Industry estimates show that Cryptokitties transactions account for nearly 20% of all computations on the Ethereum platform. This figure appears to be growing continuously.

Although the game was immediately dismissed by members of the cryptocuurrency community,  Ethereum co-founder Vitalik Buterin and Earn.com CEO Balaji Srinivasan said the game had more virtues than some cared to recognize.

“Why is Cryptokitties actually important?” asked Balaji. “It’s one of the first examples of what people have been talking about for years: frictionless international trading of digital assets (not just cash!) on a blockchain. Basically what Fred Wilson saw.”

Earn.com markets itself as the “first token-based social network.”

At the same time, the CryptoKitties phenomenon presents several challenges for the Ethereum ecosystem related to scalability, future growth and ICO risk.

Ethereum continues to be the platform of choice for the budding ICO industry. The amount of money raised through the controversial crowdfunding model is fast approaching $4 billion for the year. The phenomenon doesn’t appear to be dying off anytime soon as more startups look to raise money to fuel their expansion.

That being said, many token raises and the issuers that back them are attempting to circumnavigate securities regulations by building a utility token. It remains to be seen how the regulatory landscape will evolve to keep up with the evolving nature of the industry. Equally important is how the cryptocurrency community will come together to address regulatory issues.

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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