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EOS Price Analysis: Remains In Strong Downtrend Below $2.25

EOS price declined heavily and broke the $2.00 and $1.80 support levels against the US Dollar. Sellers remain in control as long as the price is below $2.25.

Key Talking Points

  • EOS price declined significantly after it settled below the $4.00 support (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line formed with resistance at $2.20 on the 4-hours chart of the EOS/USD pair.
  • The pair remains sell on rallies as long as there is no close above $2.25.

EOS Price Analysis

During the past few days, there was a steady decline from the $3.50 swing high in EOS price against the US Dollar. The EOS/USD pair broke the $3.00 and $2.00 support levels to enter a major downtrend.

The chart above indicates that EOS price even broke the $1.80 support level and settled below the 100 simple moving average (4-hours). The decline was such that the price traded close to the $1.50 zone and formed a low at $1.52.

Later, the price corrected higher above the $1.60 and $1.80 resistance levels. It also moved above the 23.6% Fib retracement level of the last decline from the $3.04 high to $1.52 low.

However, there are many hurdles for buyers near the $2.00 and $2.20 levels. More importantly, there is a crucial bearish trend line formed with resistance at $2.20 on the 4-hours chart of the EOS/USD pair.

Above the trend line, the next main resistance is near $2.25 and the 50% Fib retracement level of the last decline from the $3.04 high to $1.52 low. As long as the price is below the $2.25-2.30 resistance zone, it remains in a strong downtrend.

Above $2.30, the price may perhaps rise towards the $2.50 level and the 100 simple moving average (4-hours). On the downside, an initial support is at $1.80, below which EOS price may drop back to $1.50. The overall trend remains bearish unless buyers gain pace above $2.25 in the near term. Similarly, litecoin and ripple are struggling to gain bullish momentum above key resistances.

The market data is provided by TradingView.

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Analyst: Crypto Bear Market May Get Worse, Bitcoin (BTC) Fundamentally Unsupported

Crypto Market Slows After Imbroglio

Although selling pressure eased off crypto markets over the weekend, Bitcoin (BTC) and altcoins are still in the midst of stormy seas. BTC has found itself stagnant at $3,375, seemingly caught in an inflection point between a short-term bounce and lower lows. As this market’s leading asset has slowed, so has the market capitalization of all cryptocurrencies in circulating. This pertinent figure has moved to $111 billion, just three billion down from Ethereum World News’ Friday update.

Interestingly, trading has dried up in recent days, with the 24-hour volume figure dropping to $13 billion ($6.7 billion adjusted) from the $20 billion ($10 billion adjusted) posted amid Friday’s rapid price action.

What would be a market update with BTC… right?

Over the weekend, BTC embarked on a short-term recovery, moving from $3,300 to a multi-day high at $3,650 over the course of multiple hours. However, as the buying pressure quickly dissipated, BTC began to fall back to Earth on Sunday, moving under $3,500, a cited key support level, before falling victim to the weekly Monday sell-off.

At the time of writing, BTC has found itself at $3,375, down 4.25% in the past 24 hours. Altcoins have also followed suit, with XRP, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tron (TRX), and Binance Coin (BNB) all posting near-identical performances to the cryptocurrency godfather.

Analyst: Bitcoin Well Beyond The Ridiculousness Of The Tulip Bubble 

Amid this seemingly endless market tumult, Stephen Innes, head of the Pacific Asia trading arm of Oanda, only doubled-down on his hate for BTC and other cryptocurrencies. Speaking with MarketWatch, the inflammatory crypto skeptic exclaimed that Bitcoin still doesn’t have a use case, obviously forgetting the network’s nature as a borderless, censorship-resistant, decentralized, and efficient medium of value that transcends traditional boundaries.

Innes added that “BTC has gone well beyond the ridiculousness of tulip bulb mania,” evidently referencing the unpopular sentiment that cryptocurrencies are the second coming of the ‘Tulipmania’ of yesteryear.

However, a multitude of industry insiders has overtly stated that cryptocurrencies aren’t in the midst of a bubble, contradicting the relevant point of contention. Ambrosus CEO Angel Versetti, for instance, recently told the Independent, a U.K.-centric news outlet, that while lines can be drawn between the Dotcom Boom at the turn of millennia and crypto in 2017/2018, commentators would be remiss to classify the latter as a bubble.

The startup chief explained that seeing that cryptocurrencies have yet to beckon in institutions, which he referred to as “financiers,” en-masse, a bonafide market bubble has yet to strike this budding asset class. Yet, as seen by the countless crypto-related forays from Wall Street participants, this bubble may be right on the horizon. In fact., Versetti explained that in due time, the aggregate value of all cryptocurrencies may eclipse the $15 to $20 trillion mark, cementing BTC and its altcoin brethren as a legitimate component of the financial world’s vast intricacies.

Still, the aforementioned Oanda trader cast aside these arguments, drawing attention to the “disastrous year” that cryptocurrencies have undergone, likely touching on the ~87% decline experienced by this decade-old market. Innes added that the “current bear market could go from bad to worse,” claiming that there isn’t a fundamental or underlying rationale behind purchasing BTC, especially when “the only support offered up is a squiggly line on an analyst’s chart.”

Innes’ most recent quip comes just two weeks after the trader lambasted cryptocurrencies on Bloomberg TV. As reported by Ethereum World News previously, the Oanda head trader claimed that it’s a “wild west show” out in crypto, before adding that mature investors are still hesitant to purchase BTC, due to its “falling knife” status.

Title Image Courtesy of W A T A R I on Unsplash

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Litecoin Price Analysis: LTC/USD Remains Sell Near $26 and $30

Litecoin price declined heavily and traded close to $22.00. LTC/USD is currently recovering, but upsides are likely to be capped near $26.00, $28.00 or $30.00.

Key Talking Points

·         Litecoin price declined sharply below the $35.00 and $30.00 support levels (Data feed of Kraken) against the US Dollar.

·         There is a crucial bearish trend line formed with resistance at $26.00 on the hourly chart of the LTC/USD pair.

·         LTC price is likely to struggle near the $26.00, $28.00 and $30.00 resistance levels.

Litecoin Price Forecast

In the last analysis, we discussed that litecoin price couldbe dear near $20.00 against the US dollar. The LTC/USD pair remained in a bearish zone and traded below the $28.00 and $26.00 support levels.

Looking at the chart, LTC price declined close to the $22.00 level and settled below the 100 hourly simple moving average. A new multi month low was formed at $22.26 and later the price started an upside correction.

It moved above the $24.00 level and the 23.6% Fib retracement level of the last drop from the $30.10 high to $22.26 low. However, the upward move was capped by the $26.00 and $26.50 resistance levels plus the 100 hourly SMA.

More importantly, there is a crucial bearish trend line formed with resistance at $26.00 on the hourly chart of the LTC/USD pair. The pair also failed near the 50% Fib retracement level of the last drop from the $30.10 high to $22.26 low.

Therefore, the price is likely to face a strong resistance near $26.00 and the 100 hourly SMA. Above the trend line and $26.00, the price is likely to test the next major resistance near $28.00.

To sum up, litecoin price remains in a major downtrend as long as it is below $30.00. If LTC attempts an upside correction, it could face sellers near the $26.00, $28.00 and $30.00 resistance levels. On the downside, the recent low at $22.20 is a decent support, followed by the $20.00 handle.

The market data is provided by TradingView.

 

 

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Crypto Trader Still Long-Term Bullish After Bitcoin (BTC) “Bloodbath”

Crypto Market Conditions Are “Phenomenal” For Traders

Diversified trader Merlin Rothfeld, an investment strategist at Online Trading Academy, recently sat down with Cheddar, an up and coming fintech media outlet, to discuss the current crypto market. The outlet, who has developed a penchant for covering the Bitcoin (BTC) ecosystem, asked the trader, as it did with its other crypto guests, about his opinions on the market.

Interestingly, Rothfeld went against the crowd, claiming that the conditions in the crypto seas are “phenomenal,” alluding to the fact that BTC’s most recent tumult became perfect for scalping, a popular technique used by day traders.

Bitcoin Cash Hard Fork Was A “Systemic Issue”

Still, the multi-markets participant added that 2018’s crypto collapse actually stems from a “systemic issue,” drawing attention to the infrastructure that makes this nascent industry tick. Rothfeld explained:

The technology behind what makes cryptocurrencies popular is threatened right now. That’s the problem that I think is going to bring down a vast majority of cryptocurrencies.

Elaborating on his somewhat vague statement, the Online Trading Academy representative brought up November’s contentious Bitcoin Cash hard fork, which championed by the ABC and SV squads, explaining that such an event undermines decentralization, trust, security, and the immutability of transactions.

Rothfeld then noted that the U.S. Securities and Exchange Commission (SEC) likely took notice of the fork, as claimed by many on Twitter’s crypto ecosystem, adding that more downside could be in store as agencies see fundamental risks and stave away from the space.

This, interestingly, echoes comments made by Barry Silbert of the Digital Currency Group, who called the hard fork an industry “disservice.”

Bitcoin Crash Might Have “Shellshocked” Retail, But There’s Still Potential For Growth

Asked about consumers and crypto themselves, Rothfeld explained that as it stands, there are likely very few retail investors rushing to purchase BTC, which, interestingly, he classified as a “good thing.” The trader noted that when BTC is boiled down, it remains an extremely risky asset at its core, despite its unofficial classification as the world’s second coming of gold, yet in a digital form.

So, following up on his aforementioned comment, Rothfeld noted that there may be some silver linings to the “shellshocked” retail subset right now, presumably due to the unpredictability of cryptocurrencies. Yet, doing his best to keep an optimistic tone, the seeming Bitcoin proponent stated:

There could be some great buying opportunities coming up here. There are a few crypto assets that have great potential for the future, but right now, we’re in the midst of an absolute bloodbath and to be honest, we’ve seen in this in Bitcoin’s history before.

Many Cryptocurrencies Are “Garbage, Junk”

Although Rothfeld painted a positive picture for BTC, the trader went on to add that not all is well for a majority of cryptocurrencies. Expecting a “shakeout,” Rothfeld noted that many cryptocurrencies are “garbage, junk,” noting that like the Dotcom Bubble, there will be startups that are ousted due to their inability to innovate.

Yet, some say it’s unfair to equate cryptocurrencies to the Dotcom Bubble, in spite of the similarities as two ground-breaking industries with global potential. CEO of Ambrosus, Angel Versetti, for instance, told the Independent U.K. that when it comes down to the nitty-gritty, cryptocurrencies aren’t even in a bubble yet, claiming that once crypto assets reach a $15 to $20 trillion market cap, that’s when this decade-old market can pop.

Title Image Courtesy of M. B. M. on Unsplash

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Bitcoin (BTC) At $3,400: Crypto Analyst Looks To “Cockroach” News

Crypto Rebounds (Slightly), Bitcoin (BTC) Still Under $3,500 

To say that crypto’s past 24 hours have been chaotic would, frankly, be putting it rather lightly. While Bitcoin (BTC) recently underwent a slight recovery to move above $3,400, the past day has seen the aggregate value of all cryptocurrencies range between $100 billion and $115 billion. The $100 billion figure, seen for a few fleeting minutes on Friday, has been lauded as a “make or break” level for this nascent industry at large.

This tumult, which is undoubtedly a worrying sight for crypto’s bulls, was backed by a jaw-dropping $20 billion ($10 billion adjusted) in 24-hour volumes, which comes directly after a relatively measly $14 billion Thursday. Interestingly, Friday’s action was backed by the highest daily volume in December so far. 

Now, as always, let’s talk about BTC, the asset that dictates crypto’s day-to-day.

After yesterday’s Ethereum World News market update, BTC continued to falter, somehow reaching $3,300, a new year-to-date low. But, after this foreboding candle, the asset found a semblance of support, finding itself trading around $3,300 for a matter of hours. And eventually, in classic cryptocurrency fashion, bitcoin shot up, just as fast it came down, moving to $3,500 in a few minutes.

While the digital asset, often deemed the world’s next “store of value,” stumbled after the move, colloquially dubbed call a “Bart” after the Simpsons character, BTC has now found itself above $3,400, a seeming short-term support level. At the time of writing, BTC is valued at $3,450 a pop, posting a gain of 1.5% in the past 24 hours.

This move in Bitcoin catalyzed a number of intriguing action in altcoin markets. Stablecoins, for instance, quickly saw an influx of buying pressure, as traders sought solace amid a seemingly endless market downtrend. As noted by CoinDesk’s market analysis team, four Tether (USDT) competitors, TrueUSD, USD Coin, and the Paxos Standard, all entered the crypto Top 30, finding themselves around a ~$190 market capitalization.

Interestingly, altcoins underwent a stronger recovery than BTC. Ethereum (ETH), after falling under $100 to $84, has now recovered to $96, posting a 9.5% daily gain. EOS, Tron (TRX), NEM (XEM), and Monero (XMR) posted similar results, causing the Bitcoin market dominance figure to fall to 54%.

Crypto Analyst Attributes Sell-off To Cockroach-like News Cycle 

Although BTC bounced by 5% off its lows, an analyst still painted a bearish picture for cryptocurrency markets. Issuing a note to MarketWatch’s Aaron Hankin, Naeem Aslam, chief market analyst at Think Markets U.K., explained that BTC, with current momentum and technical indicators in mind, is “crippled” as could fall below $2,000 to $1,500 in due time.

Citing reasons for this bearish prediction, Aslam drew attention to the “bad news” cycle seen in the crypto industry, adding that such negative developments are “coming just like cockroaches out of a hole.” One such development may be the SEC’s recent verdict regarding the foremost Bitcoin ETF application.

As reported by Ethereum World News previously, the SEC delayed its decision on the VanEck-backed application for the umpteenth time, and in the midst of a crypto bear market no less. In an SEC-stamped document published Thursday afternoon, the governmental agency claimed that it would be exercising its right to delay a verdict on the application until February 27, 2019.

Although the release of this document didn’t directly produce any red candles, such a decision likely instilled some semblance of fear in naive investors. Speaking with Bloomberg on the impact of negative industry developments, Timothy Tam, CEO of CoinFi, stated:

“Sentiment in the [crypto] market is really bad, any negative news has an exponential effect.”

Regardless, the Think Markets representative still noted that Bitcoin and cryptocurrencies, in general, have ground-breaking potential, echoing calls he made on CoinTelegraph TV. He stated:

This is a crypto market which has the ability to blow your mind and the downside is limited and the price at its current level represents an opportunity of a lifetime.

Title Image Courtesy of Hektor Ehring Jeppesen via Flickr and Bitcongress

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Litecoin Price Analysis: LTC/USD Could Be Dead Near $20

Litecoin price is down more than $300.00 from the all-time high. LTC/USD is likely to test the $20.00 level and it could continue to bleed in the near term.

Key Talking Points

  • Litecoin price extended losses below $35.00 and traded towards $25.00 (Data feed of Kraken) against the US Dollar.
  • There was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to extend the current decline towards the $20.00 support level in the near term.

Litecoin Price Forecast

This week, we saw a slow and steady decline from the $35.00 resistance level in litecoin price against the US dollar. The LTC/USD pair broke many important supports near $32.00 and $30.00 and fell further into a bearish zone. All major cryptocurrencies are down heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin cash.

Looking at the chart, LTC price declined below the $28.00 support recently and settled below the 100 hourly simple moving average. The recent decline was such that there was hardly any substantial recovery above the $30.00 level.

Moreover, there was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair. It opened the doors for a test of the $25.00 support level.

The price spiked below $25.00 and formed a new multi month low near $24.90. The current price action is super bearish and it seems like the price may continue to slide. Litecoin is back to pre-rally levels (rally from $20.00 to $360.00) and it seems like sellers are in full control.

An initial resistance is near the $26.50 level and the 23.6% Fib retracement level of the recent decline from the $30.11 high to $24.91 low. However, the main resistance for buyers is near the $28.00 and $30.00 levels, which were supports earlier.

Moreover, the 50% Fib retracement level of the recent decline from the $30.11 high to $24.91 low is near $27.50 to act as a solid hurdle for buyers. Therefore, litecoin price may continue to slide and it seems like LTC may even test the $20.00 level.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD Could Be Dead Near $20 appeared first on Ethereum World News.

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Litecoin Price Analysis: LTC/USD Could Be Dead Near $20

Litecoin price is down more than $300.00 from the all-time high. LTC/USD is likely to test the $20.00 level and it could continue to bleed in the near term.

Key Talking Points

  • Litecoin price extended losses below $35.00 and traded towards $25.00 (Data feed of Kraken) against the US Dollar.
  • There was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair.
  • LTC price is likely to extend the current decline towards the $20.00 support level in the near term.

Litecoin Price Forecast

This week, we saw a slow and steady decline from the $35.00 resistance level in litecoin price against the US dollar. The LTC/USD pair broke many important supports near $32.00 and $30.00 and fell further into a bearish zone. All major cryptocurrencies are down heavily, including bitcoin, ethereum, ripple, neo, eos and bitcoin cash.

Looking at the chart, LTC price declined below the $28.00 support recently and settled below the 100 hourly simple moving average. The recent decline was such that there was hardly any substantial recovery above the $30.00 level.

Moreover, there was a break below a declining triangle pattern with support at $27.00 on the hourly chart of the LTC/USD pair. It opened the doors for a test of the $25.00 support level.

The price spiked below $25.00 and formed a new multi month low near $24.90. The current price action is super bearish and it seems like the price may continue to slide. Litecoin is back to pre-rally levels (rally from $20.00 to $360.00) and it seems like sellers are in full control.

An initial resistance is near the $26.50 level and the 23.6% Fib retracement level of the recent decline from the $30.11 high to $24.91 low. However, the main resistance for buyers is near the $28.00 and $30.00 levels, which were supports earlier.

Moreover, the 50% Fib retracement level of the recent decline from the $30.11 high to $24.91 low is near $27.50 to act as a solid hurdle for buyers. Therefore, litecoin price may continue to slide and it seems like LTC may even test the $20.00 level.

The market data is provided by TradingView.

The post Litecoin Price Analysis: LTC/USD Could Be Dead Near $20 appeared first on Ethereum World News.

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EOS Price Analysis: Next Bearish Target $1.00

EOS price is under a lot of pressure below the $4.20 support against the US Dollar. EOS/USD is likely to break the $2.00 support level to test the $1.00 handle.

Key Talking Points

  • EOS price settled below the all-important $4.20 support level (Data feed of Kraken) against the US Dollar.
  • There was a failure to clear a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.
  • The pair may continue to move down and it could even trade towards the $1.00 level.

EOS Price Analysis

The past few weeks were super bearish as EOS price settled below the all-important $4.20 support level against the US Dollar. The EOS/USD pair declined sharply and broke the $4.00 and $3.00 support levels.

The chart above indicates that EOS price earlier formed a decent support near $4.20 and bounced back. It recovered above the $6.00 level and the 23.6% Fib retracement level of the last slide from the $9.37 high to $4.18 low.

However, the upside move was capped by the $6.75 level. The 50% Fib retracement level of the last slide from the $9.37 high to $4.18 low also acted as a hurdle. The price started a fresh decline and finally broke the $4.20 support area.

It declined steadily and settled below the $3.00 level and the 100-day simple moving average. On the upside, there are many hurdles, starting with $2.50 and $3.00. More importantly, there is a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.

If there is an upside correction, the price is likely to face a lot of offers near the $3.00 or $4.00 levels. On the downside, it seems like the price is set for more losses below the $2.00 support.

To sum up, the current technical structure is very bearish for EOS price and it seems like sellers may attempt to push the price towards the $1.00 support area in the near future.

The market data is provided by TradingView.

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EOS Price Analysis: Next Bearish Target $1.00

EOS price is under a lot of pressure below the $4.20 support against the US Dollar. EOS/USD is likely to break the $2.00 support level to test the $1.00 handle.

Key Talking Points

  • EOS price settled below the all-important $4.20 support level (Data feed of Kraken) against the US Dollar.
  • There was a failure to clear a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.
  • The pair may continue to move down and it could even trade towards the $1.00 level.

EOS Price Analysis

The past few weeks were super bearish as EOS price settled below the all-important $4.20 support level against the US Dollar. The EOS/USD pair declined sharply and broke the $4.00 and $3.00 support levels.

The chart above indicates that EOS price earlier formed a decent support near $4.20 and bounced back. It recovered above the $6.00 level and the 23.6% Fib retracement level of the last slide from the $9.37 high to $4.18 low.

However, the upside move was capped by the $6.75 level. The 50% Fib retracement level of the last slide from the $9.37 high to $4.18 low also acted as a hurdle. The price started a fresh decline and finally broke the $4.20 support area.

It declined steadily and settled below the $3.00 level and the 100-day simple moving average. On the upside, there are many hurdles, starting with $2.50 and $3.00. More importantly, there is a major bearish trend line with resistance at $5.00 on the daily chart of the EOS/USD pair.

If there is an upside correction, the price is likely to face a lot of offers near the $3.00 or $4.00 levels. On the downside, it seems like the price is set for more losses below the $2.00 support.

To sum up, the current technical structure is very bearish for EOS price and it seems like sellers may attempt to push the price towards the $1.00 support area in the near future.

The market data is provided by TradingView.

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Ripple Price Analysis: XRP/USD Bears Target $0.2800 or Lower

Ripple price is under pressure and declined below $0.3450 recently against the US Dollar. XRP/USD could continue to move down below $0.3000 or $0.2800.

Key Talking Points

  • Ripple price recently broke the $0.3700 support to enter a bearish zone against the US Dollar.
  • XRP/USD is following a major contracting triangle (declining) with resistance at $.3420 on the 2-hours chart (Data feed via Bitstamp).
  • XRP price may continue to move down towards the $0.3000 or $0.2800 support levels.

Ripple Price Forecast

After a decent recovery above $0.3800, ripple price faced a solid resistance near $0.3995-0.4000 against the US Dollar. The XRP/USD pair started a significant downward move and traded below the $0.3700 and $0.3450 support levels.

Looking at the chart, the price topped near the $0.3984 level and declined steadily. It broke a key connecting bullish trend line, with support at $0.3700 to enter a bearish zone. Sellers gained pace and pushed the price below $0.3500 and the 100 simple moving average (2-hours).

Besides, the price broke the 61.8% Fib retracement level of the last wave from the $0.3125 low to $0.3984 high. The current price action is super bearish and there could be more losses as long as the price is below $0.3620.

At the outset, the price is following a major contracting triangle (declining) with resistance at $.3420 on the 2-hours chart. Sellers are currently pushing the price below the 76.4% Fib retracement level of the last wave from the $0.3125 low to $0.3984 high.

Therefore, the price could soon break the triangle support at $0.3200 and declined towards the $0.3125 low. In the mentioned case, the price will most likely break the $0.3125 low to test the $0.3000 support area.

More importantly, if bitcoin, Ethereum and litecoin continues to slide, ripple price may even break the $0.3000 support level. The next major stop for XRP buyers could be near the $0.2800 level. On the upside, the main resistances are positioned near the $0.3450 and $0.3620 levels.

The market data is provided by TradingView.

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